Obama could raise $100 million in June, fundraisers say

Leading Democratic fundraisers predict that Sen. Barack Obama (D-Ill.) will raise hundreds of millions of dollars over the next few months if he opts out of public financing and begins raising money for the general election.

Specifically, they say Obama could raise $100 million in June and could attract 2.5 million to 3 million new donors to his campaign.

{mosads}These fundraisers say Obama could increase his fundraising dramatically because of three factors: a boost of enthusiasm among Obama donors following his clinching of the nomination; the migration of Sen. Hillary Rodham Clinton’s (D-N.Y.) donors to his camp; and the mobilization of big Democratic donors who have given little so far this year.

Record-breaking projections give Obama strong incentive to pass up $85 million in public funds that his opponent, Sen. John McCain (R-Ariz.), has said he would accept.

The question of whether to accept public financing has become a quandary for Obama. He appeared to pledge earlier in the campaign that he would if the Republican nominee did the same. Obama’s aides now claim he merely pledged to “pursue” a fundraising agreement with the Republican nominee.

Though political watchdog groups such as Democracy 21 have pressed Obama to accept government financing, he has resisted because the law would restrict him to spending only as much as McCain — $85 million —between the end of August and Election Day. Democratic fundraisers say Obama could outspend McCain by a margin of 3 to 1, or more, if he skipped taxpayer-subsidized funding.

“One hundred million dollars this June — it’s definitely within reach,” said Wade Randlett, who has raised more than $200,000 for Obama.“

Randlett said Obama would not likely reach the awe-inspiring total if he limited himself to contributions that could only be spent before the August convention.

“The big question is when we really open the floodgates to general-election money,” he said.

Randlett said there are three reservoirs of Democratic money available.

“First, there are the people who have not maxed out to Obama,” he said, citing donors who may have given a total of $500 in small chunks. “Then there are the Hillary folks — that’s a second very large bucket. The third large bucket are the people who thought, ‘I’m not sure who’s going to win’ and put small bets on either candidate.

“There were a significant number of people keeping their powder dry because they were unsure who was going to win,” he said.

One prominent Democratic fundraiser who had aligned with Clinton but has now joined Obama predicted the presumptive Democratic nominee could more than triple his number of donors.

Steve Grossman, former chairman of the Democratic National Committee (DNC), said that if Obama skips federal campaign funds and raises money through November, he would have 4 million to 5 million donors by Election Day.

If those new donors give amounts similar to what Obama supporters have given so far this election cycle, Obama could raise another $630 million for his campaign. He raised $272 million through the end of April from about 1.5 million donors.

Grossman said that senior Clinton campaign officials urged him in recent days to raise money for Obama.

“I’m disappointed my candidate lost, but she has already let me know that she wants me to be involved [with Obama] in a significant way,” he said.

Grossman predicts the infusion of Clinton fundraisers into Obama’s campaign would “turbo-charge [fundraising] results over the next six [to] seven weeks.”

Obama has stepped up his fundraising operation since clinching the Democratic nomination this week. Democratic fundraisers say he has planned a high-dollar fundraising event at a private home in Chicago on Thursday and another fundraiser in Philadelphia on Friday. He has also planned a joint fundraiser with the DNC in Washington, D.C., on June 18 and another money event in Los Angeles on June 24.

Democratic fundraisers say that Obama has informed donors that he will only accept contributions for the primary campaign at these events.

The Obama campaign declined to comment on the upcoming fundraising schedule.

Obama has also turned his attention to managing the DNC since winning the nomination. Paul Tewes, Obama’s Iowa state director, is reviewing operations at the committee and will serve as Obama’s top strategist there, said a Democratic operative.

The Democratic committee has only $5 million in its war chest, compared with $41 million that the Republican National Committee (RNC) has saved, according to reports made public last month.

Democratic fundraisers say that McCain has had months longer to help the RNC build up a financial advantage because he clinched the GOP nomination in early March.

Obama has established a joint fundraising committee with the DNC that will allow Obama’s biggest donors to give up to $28,500 to the party committee.

Alan Kessler, who served as one of Clinton’s national finance co-chairmen, said that Obama’s record-breaking fundraising has left little doubt that he could raise $100 million in a single month, a total that would have been considered impossible a few years ago.

Kessler said, however, that Obama may not break the $100 million mark until July, when fundraisers and donors who supported Clinton’s campaign have had a chance to recuperate from her primary loss.

“Given the historic amounts Obama has raised, I don’t think anything is beyond the realm,” he said. “There is a huge fatigue factor among a number of the Clinton folks.

“There are some who are still emotional and a little angry over how some things went,” Kessler said. “Some are waiting to see how Obama reaches out to Clinton and whether there’s an offer or discussion involving the vice presidency.”

Kessler said that many Clinton donors would follow her lead and support Obama, “but a number want a little breathing time after a grueling 16 or 17 months of fundraising.”